Uttar Pradesh Stock Exchange (UPSE) will soon begin trading on its National Stock Exchange (NSE) platform in its subsidiary, UPSE Securities Limited. The Chief Executive Officer (CEO), Ved Prakash Mishra of UPSE Securities Limited told Business Standard that the permission was granted in November but the process of garnering resources and sub-broker registration with Securities Exchange Board of India (SEBI) is in final stages.
“We hope the trading in new shares and even futures and Options (F&O) will begin within one month. This was a long awaited step for our clients and brokers who have shown special interest in reviving the trading activities at UPSE,” he added.
NSE began granting permission for extended platforms at regional stock exchanges to increase the depth of the Indian stock market by making it possible for investors to trade in more stocks while giving an edge to NSE itself which, while being India’s dominant exchange, faces increased competition.
“The initiative has also offered vital trading opportunities to numerous regional stock exchanges across the country, which had been facing decline due to irrational policies of the government,” said Sushil Kumar Kanodia, UPSE Trading Member Director.
UPSE is already running depository services for investor and broker convenience. “The initiative has helped in strengthening the exchange’s image as a multi-functional exchange,” told Mishra.
UPSE chalked out a revival strategy, which included the launch of a broking arm, UPSE Securities Limited to generate a stable revenue stream. The exchange is also trying to bring more brokers to the exchange to generate volumes, said Kanodia.